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Pakistan's dependence on natural gas is turning into a nightmare

 Pakistan does get more than half its LNG under long-term contracts, which provides some protection against the volatile spot market

(Photo: Bloomberg)

Pakistan only started importing liquefied natural gas six years ago, but its growing dependence on the super-chilled fuel is starting to turn into a nightmare. The surge in global gas prices due to shortages in Europe has pushed Asian LNG to records for the time of year. That’s forced Pakistan to pay the most ever for spot shipments to top up supply under long-term contracts, or even forgo them altogether.

The shortfall means the nation will “definitely” suffer power outages over the winter, Iqbal Z. Ahmed, the chairman of Pakistan GasPort, which owns and operates one of the nation’s import terminals, said in an interview. “It will hit exports, industry and general morale more than anything else. Electricity is not a luxury.”

Pakistan’s Ministry of Energy did not respond to multiple requests for comment. The energy crisis playing out from the U.K. to China is bound to also roil emerging markets, which are already struggling to bankroll the sky-high fuel prices. Economies that can’t afford the fuel may simply grind to a halt when winter in the northern hemisphere boosts heating demand and sends spot prices even higher…Read More


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